Designing future financial sector functions requires strong management to drive change

Designing future financial sector functions requires strong management to drive change
(Independent). A new report entitled " Finance: A Journey to the Future "presents insights into the factors that will shape the future of finance functions. The report was prepared jointly by the Association of Chartered Certified Accountants of England (ACCA) and PricewaterhouseCoopers (PwC).
The report synthesizes responses from over 1,100 members of ACCA and PricewaterhouseCoopers' knowledge of the world, as well as the views of participants from a series of panel discussions jointly conducted by ACCA and PwC, which discussed six hypotheses About the future of financing. The results revealed the following:
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[*]77 per cent of participants expressed their acceptance of the idea that reliable data would be open and accessible throughout the institution between the present and the long-term.
[*]65 per cent of participants agreed that a change in the structure would shift financial functions to the default format.
[*]Only 22 per cent agreed that we would soon need new roles, skills and career paths as traditional financial roles disappeared in the future.
[*]87 per cent believe that reliable and accessible data will enhance real-time client-based decision-making processes in their institutions.
[*]72 per cent agreed that the funding teams would spend a lot of time finding probabilities and most of the time finding forward-looking insights rather than reviews of the past.
[*]50 per cent believe that the traditional roles of Chief Executives will not be in the future and will be replaced by roles held by Chief Operating Officers and Executive Heads of Strategic Affairs.
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"Our findings show that the finance sector is undergoing rapid changes, opening the way for many opportunities and challenges at the same time," said Jamie Lyons, director of professional insights at the ACCA. Interestingly, the mentality of leadership towards change represents the biggest obstacle, as well as their understanding of the core of technology that prevails in our professional lives. Knowledge of this technology is essential for the future, and leaders must keep pace with these trends. "
"The need for reliable and easily accessible data to meet the needs of customers has been driven by these six scenarios, and we believe this is good news," said Brian Furnis, global head of finance consultancy at PwC. In addition to other opportunities ahead, the finance sector is facing a real opportunity to develop more active advisory functions, where technology is applied to reduce the operational burden of the finance sector and to enable this sector to focus on contributing to enhancing corporate performance. "
In the Middle East, the finance sector continues to evolve as a result of increased investment in technology and changes in business models. The region has witnessed a number of legislative and financial reforms that continue to challenge traditional business models in the region. As a result, there is a greater need to develop future financial functions that continue to evolve in tandem with economic development.
"With all the changes taking place in the region, we are tempted to relax, but this can not be an option for us," said Vazila Gopalani, president of the ACCA Middle East Association. The rapid pace of change in the finance sector, the realization of the need to redefine culture, adaptability and flexibility are essential to success. As leaders of the sector, we must empower projects not to control them, and ride the wave of change as a natural course of events. As one of the government's main focus, innovation and technical developments continue to shape policy and economics, so the finance sector must adapt, which should be at the top of the leaders' agenda. "
"This report, questionnaire and workshops demonstrate how quickly the funding world is changing and the opportunities it offers to institutions and individuals," concluded Brian Furnis. We need a people-based approach to take advantage of this, in addition to a clear vision, a spirit of cooperation and strong leadership. "


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